Gamco Investors INC. ET AL Buys 311,510 Shares of Iamgold Corporation $IAG

Key Points

• Gamco Investors raised its stake in Iamgold by 381%, buying 311,510 shares to own 393,280 shares worth about $5.08 million (0.07% of the company).
• Analysts have an average rating of Buy on IAG with an average price target of $17.75, including upgrades like Zacks to "strong-buy" and Scotiabank raising its target to $25.
• Iamgold beat quarterly expectations with $0.70 EPS vs. $0.55 consensus and reported $1.08 billion in revenue, while showing strong margins (ROE 19.26%, net margin 23.29%).

Gamco Investors INC. ET AL raised its stake in Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG by 381.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 393,280 shares of the mining company's stock after purchasing an additional 311,510 shares during the period. Gamco Investors INC. ET AL owned 0.07% of Iamgold worth $5,084,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Banque Transatlantique SA bought a new stake in shares of Iamgold in the 2nd quarter valued at about $26,000. Tsfg LLC bought a new position in shares of Iamgold during the 3rd quarter worth approximately $26,000. Tableaux LLC bought a new position in shares of Iamgold during the 2nd quarter worth approximately $61,000. Olympiad Research LP purchased a new stake in Iamgold during the second quarter valued at approximately $87,000. Finally, Kingsview Wealth Management LLC purchased a new stake in Iamgold during the second quarter valued at approximately $90,000. 47.08% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

IAG has been the topic of several analyst reports. Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating on shares of Iamgold in a report on Wednesday, February 4th. TD Securities reaffirmed a "buy" rating on shares of Iamgold in a research report on Thursday, February 19th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Iamgold in a research report on Thursday, January 22nd. Zacks Research upgraded shares of Iamgold from a "hold" rating to a "strong-buy" rating in a research note on Friday, February 27th. Finally, Scotiabank upped their price objective on Iamgold to $25.00 and gave the stock a "sector perform" rating in a research report on Wednesday, February 25th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $17.75.

Insider Activity

In related news, Director David Stewart Smith sold 31,000 shares of the business's stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $32.87, for a total value of $1,018,970.00. Following the sale, the director directly owned 20,000 shares in the company, valued at approximately $657,400. The trade was a 60.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.17% of the company's stock.

Iamgold Trading Up 0.5%

Shares of Iamgold stock opened at $21.74 on Monday. The firm has a market capitalization of $12.82 billion, a price-to-earnings ratio of 18.90, a PEG ratio of 1.73 and a beta of 1.32. Iamgold Corporation has a fifty-two week low of $5.02 and a fifty-two week high of $24.87. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.02 and a current ratio of 1.75. The stock has a 50 day moving average of $19.90 and a 200 day moving average of $15.38.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last posted its earnings results on Tuesday, February 17th. The mining company reported $0.70 EPS for the quarter, beating analysts' consensus estimates of $0.55 by $0.15. Iamgold had a return on equity of 19.26% and a net margin of 23.29%.The company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.08 billion. As a group, research analysts predict that Iamgold Corporation will post 0.67 earnings per share for the current year.

Iamgold Profile

IAMGOLD Corporation, founded in 1990 and headquartered in Toronto, is a mid-tier gold producer engaged in the exploration, development and operation of gold mining assets. The company’s primary focus is on the discovery and extraction of gold, with a portfolio that spans both operating mines and advanced development projects. IAMGOLD combines in-house technical expertise with strategic partnerships to advance projects from exploration through to production.

The company’s principal producing assets include the Essakane gold mine in Burkina Faso, which began commercial production in 2010, and the Westwood underground gold mine in Quebec’s Abitibi region.

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